The walkout will see them only offer emergency care for 24 hours from 8am on 10 February.
Thousands of operations, procedures and appointments are likely to be cancelled.
The strike was originally to be the first-ever full walkout - meaning not even emergency care would have been provided, with consultants stepping in to cover.
A previous two-day strike planned for last month was suspended because it appeared progress was being made.
But the British Medical Association (BMA) said today that negotiations had "foundered following the Government's continued refusal to put reason before politics in agreeing a fair solution for an already overstretched junior doctor workforce".
Junior doctors say the new contracts will leave many worse off - a claim the Government denies.
The sticking point in negotiations is still said to be the time at which premium pay rates apply - particularly at the weekend.
Under the latest offer, the extra pay would kick in at 9pm from Monday to Friday, rather than 7pm currently; and from 5pm on Saturdays, instead of all day.
s entrenched position in refusing to recognise Saturday working as unsocial hours, together with its continued threat to impose a contract so fiercely resisted by junior doctors across England, leaves us with no alternative but to continue with industrial action," said Johann Malawana, chair of the BMA's junior doctor committee.
The Government is offering an 11% rise in basic pay and has said no junior doctor working legal hours would lose pay overall, and that 75% would see a rise.
Health Secretary Jeremy Hunt is pursuing the changes to bring in one of the Tories' key election pledges - a "truly seven-day NHS" - which means non-urgent procedures would be available every day.
The Prime Minister has not ruled out imposing the contracts on junior doctors if the talks at conciliation service ACAS fail.
Junior doctors' last strike, on 12 January, saw some 38,000 medics walk out for 24 hours.
A spokesman from Acas said talks between the two sides had adjourned on Friday and that it was "ready to help" if they wanted to get round the table again.
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